FCA Secures Confiscation Orders for Victims of £1.5m Crypto Fraud
The Financial Conduct Authority says victims of a crypto investment fraud will receive recovered money after Southwark Crown Court made confiscation orders against Raymondip Bedi and Patrick Mavanga on 28 September 2026. The orders require Bedi to pay £603,404.28 and Mavanga to pay £247,997.99, according to the regulator.
The FCA said the pair ran a fraudulent investment scheme between February 2017 and June 2019, cold-calling consumers and promoting fake cryptoasset opportunities through companies including CCX Capital and Astaria Group LLP. It said at least 65 investors lost a combined £1,541,799. The regulator has identified and contacted victims and said it will use funds recovered through the confiscation process to return money to them.
The confiscation orders follow the FCA’s 2025 prosecution, in which Bedi received a five-year, four-month prison sentence and Mavanga received a six-year, six-month sentence. The FCA said the orders are made under the Proceeds of Crime Act 2002 and require offenders to repay the benefit from criminal conduct or the value of their available assets, whichever is lower.
Why it matters
The update is a reminder that a crypto-related pitch can be fraudulent even when it uses familiar trading language or claims access to specialist opportunities. Retail traders should independently verify a firm’s status and be cautious of unsolicited investment approaches, particularly cold calls that promise returns or urgency.
What to watch next
The defendants have three months to pay. The FCA said it will continue the confiscation process and distribute recovered funds to identified victims; people who believe they were affected but have not been contacted can use the FCA Consumer Helpline.